China State Construction Engineering Corporation Middle East (CSCECME), the regional operations of the world’s largest construction company, on Tuesday announced that it will invest in Skai Holdings’ Dh3.67 billion ($1 billion) Viceroy Dubai Palm Jumeirah project, marking the Chinese firm’s first investment in the Mideast in its 61-year history.

The development, which is currently under construction, is scheduled to be completed in 2016.

The main contractor of the Viceroy Dubai Palm Jumeirah, has formed a special purpose vehicle, Assas, together with Skai Holdings, the Dubai-based real estate investment firm, reaffirming its commitment to Dubai’s real estate sector.

“We are thrilled to be partnering with Skai Holdings to develop this exciting new project, which we believe will become one of the region’s most sought-after resorts. This is CSCEC’s first investment in a development project in the Middle East and marks a significant milestone in our growth in the region,” said Yu Tao, president and CEO of CSCECME.

“Dubai’s strategic location between Asia, Europe and Africa together with its burgeoning real estate sector is set to become a vital area of growth for Chinese investment,” he added.